Reference is made to my U.S. Pat. No. 4,029,346, issued June 14, 1977 to myself, Charles W. Browning, which disclosed a line threading device with a different structure than the device shown in the application. The structure of the device shown in U.S. Pat. No. 4,029,346, cited above does not have the improvements, refinements and ease of operation as will be shown in my improved line threading and cutting device described in my present application. The present application provides apparatus for easily forming a knot and for threading an eyelet of a lure or hook with greater ease. The method of cutting the line is by an improved cutting means and the improved structure of the means to guide the line through the eyelet will become apparent from the following disclosure.